Mmegi Online :: Kebonang distances himself from CMB
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Last Updated
Tuesday 17 September 2019, 18:10 pm.
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Kebonang distances himself from CMB

Former Cabinet minister, Sadique Kebonang has told Capital Management Botswana (CMB) liquidator that he was not responsible for the management of the money belonging to the asset management company.
By Tsaone Basimanebotlhe Fri 06 Sep 2019, 12:51 pm (GMT +2)
Mmegi Online :: Kebonang distances himself from CMB








Kebonang was responding to the CMB liquidator, Kopanang Thekiso’s request for information pertaining to donations by the asset management company to President Mokgweetsi Masisi’s campaign in 2017 as the country’s vice president then.

In a letter written on September 5, 2019 Kebonang said; “Ordinarily, I would have been happy to provide the information you have sought if it hadn’t been for the following facts; I have never been a member, director or shareholder of CMB. I have also not managed any money belonging to CMB and it is the directors of CMB who should be asked concerning the financial affairs of CMB.

Only they and not I are accountable for the conduct of the financial affairs of CMB”.  Kebonang further said even if he had managed donations for Masisi, who is not a CMB member, he is only accountable for the distribution of the money contributed to him for the campaign.

“Any disclosure of the information must be with his explicit authority and consent,” Kebonang said.  Meanwhile, one Moitsheki ‘Cheks’ Lekalake’s response to the Directorate on Corruption and Economic Crime (DCEC) on June 15, 2018 disclosed that on May 31, 2017 he made P110, 000 donation to the then Vice President Mokgweetsi Masisi “for the campaign for BDP [Botswana Democratic Party] chairmanship. Funds were handed over in cash to the campaign fund raiser, Kebonang for onwards transmission”.

CMB, an asset management firm, is currently embroiled in a legal battle over a disputed sum in excess of P550 million of public pension fund assets.

In yet another development,

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recently it emerged that Botswana Movement for Democracy (BMD) president Sidney Pilane admitted that Kebonang, who is his friend, donated to him P50, 000 for his party’s congress held in Bobonong in 2017.

The revelation by Briscoe Attorneys that Pilane received P50, 000 has sparked speculation that the ruling party was involved in the BMD split that resulted in the formation of the Alliance for Progressives (AP) perceived in quarters to weaken the Umbrella for Democratic Change.

The Briscoe law firm disclosure shows that Kebonang distributed P750, 000 from the troubled CMB in the  form of donation to  the Masisi’s campaign. However, it has emerged that not all the money was used for the intended purpose. According to Briscoe, on May 17, 2017, the law firm issued a cheque in favour of Naledi Motors for the sum of P455, 000 from the donation fund.

“The aforesaid cheque consisted of P50, 000 from CMB donations and the balance was not from CMB,” reads the letter.

Briscoe further stated that her law firm on May 31, 2017 issued a cheque in favour of Jaf Auto Dealers for the sum of P110, 000. Still on the same day, another cheque of P40, 000 was issued. She further said that a sum of P100, 000 is still held in Briscoe Attorneys Trust Account.

“On the 4th of July, 2017 the sum of P250, 000 was transferred into Briscoe Attorneys Trust Account held with Standard Chartered Bank account with the narration CM Botswana for camp donation,” reads her letter.

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